US home energy storage firm Electriq Power to list via SPAC merger at nearly US$500 million valuation


Electriq Power looks set to become the latest in a series of SPAC listings in the energy storage sector, with the US home energy storage firm set to hit a US$495 million valuation.

The California and Florida-headquartered firm will list on the New York Stock Exchange through a merger with TLG Acquisition One Corp, a special purpose acquisition company (SPAC), in the first half of 2023.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The combined entity will be called Electriq Power Holdings Inc and trade under the ELIQ ticker symbol. Alongside the US$495 million pro-forma pre-money equity valuation, the transaction will also provide Electriq Power with up to US$125 million in cash proceeds.

The company, founded in 2014, provides intelligent energy storage and management solutions for homes and small businesses. It claims to have an innovative go-to-market model that makes solar plus storage accessible to all socio-economic groups. recently reported on one of its projects that was aimed at low-to-moderate income residents in Washington DC, while more recently it has won contracts to roll out its energy storage solution – the lithium iron phosphate-based (LFP) PowerPod 2 – to homes in Santa Barbara and Puerto Rico in partnership with local utilities.

Mike Lawrie, chief executive officer, TLGA said: “Our proposed merger comes at the right time to address the rapidly growing demand in the residential solar energy storage market, technology development and innovation, consumer and provider demand, and government policy and environmental initiatives.”

The companies said the transaction delivers on incentives contained within recent federal policy moves like the Inflation Reduction Act.’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

Read Next

Most Popular

Email Newsletter

Unlimited access. Unmissable value. Save 50% in our Black Friday Sale

Save 50% in our Black Friday Sale

Get the inside track on the energy storage sector

Hurry, ends on Friday, 1st Dec 2023